Spis treści ZN 22
- Komitologia – system wykonywania aktów prawnych we Wspólnocie Europejskiej
- Kształtowanie się procesów zbieżności makroekonomicznej w europejskiej Unii Gospodarczej i Walutowej – wnioski dla Polski
- Doświadczenia wybranych państw Unii Europejskiej w zwalczaniu deficytów budżetowych
- Płynny kurs walutowy w Polsce: źródło wstrząsów asymetrycznych czy instrument ich łagodzenia?
- Pomoc regionalna Unii Europejskiej w sferze infrastruktury transportu i jej wpływ na spójność gospodarczą obszaru UE
- Obsługa klienta a pozycja przedsiębiorstw TSL w łańcuchach dostaw
- Wykorzystanie teorii reakcji na zagrożenie w analizie branży księgarskiej w Polsce
- Systemy podatkowe w krajach Unii Europejskiej
- Zachęty fiskalne i podatek dochodowy a napływ bezpośrednich inwestycji zagranicznych do Polski na tle wybranych krajów UE
- Dotychczasowe teorie internacjonalizacji wobec zjawiska firm globalnych od początku
- Struktury nadzoru nad rynkiem finansowym
- Kredytowe instrumenty pochodne
Radosław Grontecki, Tomasz Kurnatowski
- Dolaryzacja jako alternatywny system kursu walutowego dla krajów rozwijających się (przypadek Ekwadoru)
- Materiały i Opracowania
- Stary filozof o grzechach ekonomistów w dwudziestym stuleciu
- Z życia naukowego KGŚ
- Konferencje zorganizowane w 2006 r.
- Studia podyplomowe
Obronione prace doktorskie i habilitacyjne
Zeszyty Naukowe KGS No. 22
Commitology – the system of legal acts execution in the European Community
The European Council and Parliament are generally accepted as the bodies of the Community legislative power. It is due to a treaty distribution of competences between the Community institutions, although the Council and Parliament are not the sole legislator. The Treaty establishing European Community allows delegation of the competence to issue legal acts of “inferior matter” to the executive authority institutions, i.e. the European Commission. The Council or the Council together with the European Parliament decide the conditions under which the Commission exercises the obtained competence. These conditions take a form of the so-called commitology procedures. Commitology (in other words committee system, committee decision making) embraces two interrelated areas: activity of the European Commission within the range of execution of norms set up by the European Council or the Council and European Parliament in legislative acts. Supervising the above activity by the committees (there are currently 250 of them) comprising mainly of the representatives of governments of the Member States. Whereas, in 2005, the Council (independently or together with the Parliament) adopted 62 directives, 134 regulations, and 51 decisions (a total of 247 acts), at the same time the Commission issued 2654 act of law. The Author indicates that a growing significance of the commitology procedures in the European Community system of decision making results in emergence of specific legal and political problems concerning in particular transparency of a decision-making system, execution of democratic control over commitology procedures, distribution of competences between the Community institutions and between the Community institutions and Member States.
The course of processes of macroeconomic convergence of the European Economic and Monetary Union – conclusion for Poland
The Author analyses processes of macroeconomic convergence in the context of the so-called criteria of the Maastricht nominal convergence, taking place in the twelve countries of the Euro zone in the years 1994-2006. There are successively presented: shaping of inflation rate, long-term interest rate, budgetary deficits, and a level of public indebtedness in the monetary union countries. The analysis allows preliminary selection of the groups of countries that characterise different levels of macroeconomic convergence. Then, the Author deepens the analysis on shaping macroeconomic convergence including the aspects of the so-called real convergence. The Author constructs a set of indicators of this kind of convergence based on the so-called macroeconomic stabilisation pentagram supplemented with categories determining a competitive position of economies. Successively are presented: shaping of the real GNP, employment level, the state of current account of balance of payments, unit labour costs, and shaping of the real effective exchange rate in the twelve economies of the Euro zone countries. On the basis of the presented indicators, the Author specifies three groups of countries. The first one comprises countries of the monetary union “core” concentrated around the two larges economies of the Euro zone, i.e. Germany and France, which due to their sizes determine the tendency of economic processes within the Community, and which are followed by smaller interdependent countries. The second group comprise economies experiencing the process of divergence from the first group, although this process bears “negative” features (inter alia .economies of Greece, Portugal and Italy). A counterbalance for this group of countries is the third group including the countries tat are also in the state of divergence in relation to the “core” countries, although this convergence bears “positive” features (inter alia economies of Ireland and Finland). In particular, the Author carried out the thorough analysis on the economic situation of Portugal and Ireland as the economies representing marginal phases of divergence (i.e. “negative” and “positive”) in order to determine possible threats and success factors for the economy of Poland – the country that is preparing for the functioning in the Euro zone.
Experience of the selected European Union countries in combating budgetary deficits
Significant changes in the level of public expenditures took place in the OECD countries in the period of last twenty years. Some of the European Union countries that are also OECD members initiated reforms of the public finances and reduced public expenditures influenced by budgetary difficulties accompanied with economic slowing down, increasing unemployment, as well as because of the impact of external factors. The Author analyses the reforms of public finances initiated in the selected European Union countries. The countries chosen for the analysis comprise those that imposed the sharpest cuts on public expenditures and carried out the most ambitious reform programmes. The analysis concerns the historical background of reforms and economic situation in which they were undertaken. In the last part of the paper, the Author presents methods of expenditures reduction and the instruments of the public finances reforms used in the countries that had carried out these reforms. The recapitulation includes conclusion for Poland derived from the experience of the analysed countries. The presented experiences of the selected European Union countries call for the soonest possible reform of public finances in Poland. In order to avoid negative experiences of other countries, Poland should already initiate actions aimed at permanent reduction of the budgetary deficit.
Floating exchange rate in Poland: the source of asymmetric shocks or the instrument of mitigating them?
The costs related to a resignation from national currency and joining monetary union are usually analysed within the framework of the optimal currency areas (OCA) theory. The theoretical papers that make up the traditional OCA approach assumed that in the floating exchange rate regime the level of exchange rate is determined by the changes in the trade balance and thus fluctuations in the supply and demand for domestic currency. It means that in case of the so-called asymmetric shocks (a decline in demand for exports in the country participating in monetary union and increase in domestic demand in other countries belonging to the common currency area) depreciation of the national currency and respective improvement in price competitiveness allows the economy restoring macroeconomic equilibrium. In the 80s and 90s of the XX century a significant increase in capital flows was observed. As a corollary, in the countries with floating exchange rate regimes fluctuations in nominal exchange rate are less influenced by the shocks stemming from the goods market, while they depend to a greater extent on capital flows. Diminishing role of the factors traditionally perceived as macroeconomic fundamentals (current account balance and output gap) and rising impact of capital flows on exchange rates mean that the floating exchange rate regime may be a source of asymmetric macroeconomic shocks. This finding was not discussed within the traditional OCA framework. Which of the two concepts better reflects the role played by the floating exchange rate in economy is of a key significance for the balance of benefits and costs of participation in monetary union. If the floating exchange rate generates significant asymmetric shocks (i. e. there are significant deviations of exchange rate from the medium-term equilibrium), the cost of giving up monetary policy autonomy is lower than in the case when the level of exchange rate to a relatively large extent reflects economic fundamentals. The purpose of this paper is to find whether the floating exchange rate regime in Poland is a source of shocks affecting economy.
The European Union regional aid in the sphere of transport infrastructure and its impact on economic integrity of the EU area
The thesis of the paper comprises the conclusion that the European Union regional aid in the sphere of transport infrastructure significantly facilitates improvement of economic integrity within the entire EU territory. In the analysis the Author makes use of not only the condition of equipment in transport infrastructure of a given region, but also of the concept of regions’ accessibility, in order to obtain more complete picture of the role played by transport infrastructure in the processes of regional development. The Author analyses the nature of a concept of “accessibility of regions” and analyses its influence on the region’s competitiveness. There are also presented the results of the analysis on the accessibility of selected regions and the volume the EU regional aid on behalf of the transport infrastructure. Moreover, the Author justifies a distinction between the aid of regional importance and projects included in the so-called Trans-European transport networks. The assessment of the aid influence was largely based on the results of surveys carried out within the framework of the complex international project ESPON (European Spatial Planning Observation Network). The project constitutes the hitherto most advanced attempts at assessment of the situation and trends of a spatial development in the extended EU, as well as the consequences of actions initiated within the framework of Community policies for the shape of the European space. Following several assumptions allowing the appliance of the ESPON model in assessment on the impact of the analysed aid on accessibility of the UE regions and economic integrity of its territory, there were obtained the results, on the basis of which the thesis presented at the beginning was verified negatively. The paper is concluded with the comments indicating the necessity of a rather careful interpretation of the final results. This derives inter alia from methodological limitations and construction of the applied model.
Customer service and the position of transport and logistics operators in the supply chain
The paper deals with one of the key issues related to supply chain management that is the role played by transport and logistics operators in the supply chain /network. The Author analyses the position and role of transport and logistics operators as well as of logistics customer service in the supply chain /network. Furthermore, the analysis shows the customer service offered by logistics operators in the perception of their customers. Logistics customer service means ability of the logistics system to satisfy customer needs with respect to time, reliability, communication and comfort. The most important elements of logistics customer service are: the lead time, availability of products from stock, flexibility of deliveries, their frequency and reliability, completeness of deliveries, convenience of placing orders, etc. The paper presents the methodology and the results of surveys on logistics service users’ satisfaction carried out regularly since 1999 by the Department of International Transport and Logistics. The survey results are further compared to customer service standards defined by the transport and logistics operators. The Author analyses to what extent the transport and logistics operators are able to meet the customers’ expectations and thus whether they have a potential to assume a more active role in supply chains /networks. The range of services offered by logistics operators is already quite large and the competition assures the price stability. The surveys allow, however, the conclusion that the customer service – regardless the awareness of its importance – seems to be one of the reasons for still not very active position of the logistics operators in the supply chain /network.
Appliance of the crisis-response theory to analysis of book trade in Poland
The crisis-response theory is one of the conceptions explaining evolution processes of retail trade forms. It derives from the field of sociological sciences and belongs to a group of theories assuming that the most significant factor influencing changes in retail formats is a conflict between the new and previous forms of sale. The four-stage model of crisis-response assumes existence of sequences in reaction of the threatened enterprises to implementation of a new retail format. In the shock phase the entrepreneurs representing traditional retailer become aware of the existence of a new competitor, but do not initiate any actions focusing only on analysing of the new situation. In the second phase - defensive retreat - the entrepreneurs make efforts concentrated on defending their own position through forcing new competitors off the market or reducing their further expansion. The next – acknowledgement phase is the time when awareness of the necessity to find innovative solutions inside threatened enterprises in order to maintain position on the market is becoming general. The final phase – adaptation – characterise intensive actions aimed at modification of the traditional form in such a way that may successfully compete with the new retail format. The Author carries out the analysis on the reaction of traditional booksellers to the threats posed by the new forms of trade, beginning from the identification of perception of threat to the assessment of attitudes and defensive actions in relation to the offensive actions of traditional booksellers’ enterprises. The results of the analysis allow identification of the place occupied by the group of traditional retail bookselling branch in Poland in the model of crisis-response theory.
Tax systems in the European Union member States
The tax systems of the Community Member States are not without influence on the further close internal European integration. Tax reforms have been carried out in the recent years in most Community member States. In a few of them, the process has not been finished yet. The issue of taxes is of a great significance for the European Union functioning, as they comprise the main source of budgetary revenues in the Member States and the Community budget. The Author presents tax systems in particular EU countries and analyses in detail the current (of 2006) rates of personal income tax (PIT), company income tax (CIT), value added tax (VAT), and also tax on dividend and excise tax in all EU countries. The analysis leads to conclusion that tax systems, including the amount of taxes and concessions for entrepreneurs are vary significantly in particular countries. Thus, the Community faces serious problems related to implementation of uniformed tax in its entire territory. The taxes unification process in its first phase was called their harmonization. This period will probably take many years. Its objective is not only unification of tax solutions within the Community, but also ensuring their stability, transparency and foreseeability.
Fiscal incentives and income tax and inflow of direct foreign investments to Poland on the background of the selected European Union countries
The paper presents the issues related to the use of fiscal incentives and the impact of income tax rates on the decision concerning location of direct investments in Poland. The first part presents basic regulations of the European Union concerning tax harmonization with a particular regard to direct taxes and the state aid. In the second part, the Author presents the reasons for appliance of investment incentives in the Community Member States and discuses them in the context of various modes of their implementation, as well as their effects and advantages for entrepreneurs. In particular, the Author presents tax incentives used in selected countries. In the third part, the Author analyses attractiveness of Poland in respect to taxes as compared to the new Member States of the European Union. Then, she discusses changes in nominal tax rates in the years 1995-2005 in all European Union countries. Finally, the third part is concluded with the review of the studies concerning the impact of income taxes on location of direct foreign investments. There are also compared nominal rates of income tax from legal persons and the inflow of direct foreign investments to the EU countries.
Existing internalization theories vs. the phenomenon of born globals
Born globals or international new ventures (INV) represent an emergent and therefore more and more important type of companies that from inception tend to derive a significant competitive advantage from the use of resources and the sale of products or services in many countries. The article proves that their formation and development cannot be explained by the existing theories from the field of international business. None of the enumerated and depicted in the article theories, i.e. monopolistic advantage theory, product cycle theory, Uppsala internationalization theory, oligopolistic reaction theory, or internalization theory manage to provide a satisfactory explanation of the formation process of born globals. This is mainly because of the fact that the above-mentioned theories do not suit the present market conditions. Ongoing changes in market environment and development of information and communication technologies accelerate internationalization process. For some kind of companies, such as high-tech enterprises, internationalization becomes an important competition tool. Moreover, the existing theories focus too much on the firm level instead of the individual level of analysis, i.e. the entrepreneurs and their network of business alliances. Only one of the described theories – business network theory – may provide a reasonable foundation of the future theoretical framework for the phenomenon of early internationalizing enterprises.
Financial supervisory structures
Proper construction of financial market supervision is the important condition for effective supervision. Among the possible structures, it is necessary to mention integrated supervision (combining in one institution prudential supervision over all segments of the financial market) and unified supervision (joined integrated prudential supervision with market supervision – market participants’ protection). Each of those structures brings benefits as well as threats. Integrated supervision can potentially provide better and easier supervision over financial conglomerates, decrease number of supervision gaps, increase competitive neutrality of regulations and bring savings resulting from the economy of scale. On the other side, integrated supervision may worsen supervision if financial conglomerates are not dominant in the sector. In addition, some disadvantages of scale may arise. Unified supervision gains from all benefits of integrated supervision but also allows to overview financial market in a complex way, facilitates information exchange, provides unified consumer protection and clearly defines responsibilities. It has also some disadvantages – to those observed in integrated supervision we can add: difficulties in stating clear and understandable goals of the supervision, huge power granted to only one institution, conflict between prudential and market supervision and possible loss of whole supervision credibility if only one part fails. Unfortunately, it is not possible to test effectiveness of financial supervision in laboratory. Until now, no country that had recently changed its supervision structure has been the arena of financial crisis; therefore, the assessment of new structures is hardly possible.
Radosław Grontecki, Tomasz Kurnatowski
Derivative credit instruments
The paper objective is to present credit derivatives instruments, which are both an interesting marriage of credit risk and financial engineering, and one of the most dynamically developing areas of the world’s financial markets. The article consists of the analysis of an economic point, risk involved, valuation and application of credit derivatives. Applications include both legal practices (credit risk management and measurement, managing capital requirements, assets and liabilities management, new opportunities for investments, speculations and arbitrage) and illegal ones (insider trading and creative accounting). The aim of this article is to present both opportunities and threats arising from the use of this complex instruments, as it both creates new risks (legal, credit, operations) and at the same time is beneficial for managing and measuring the existing risk. As refers to all derivative instruments, this market is rapidly changing hence the author tries to point out new directions for growth in credit derivatives, such as passing trading on to regulated markets.
Dollarization as the alternative exchange rate system for developing countries (the case of Ecuador)
The fall of the Bretton Woods system at the beginning of the 70s of the last century and adoption of the second amendment of the IMF’s Articles of Agreement in 1978, allowed developing countries the freedom of choosing the exchange mechanism. They could implement one of the three possibilities: floating, pegged or fixed exchange rate system. In practice this area has been significantly differentiated. The last decade of the 20th century, which was accompanied by a series of financial and currency crises (which inter alia affected: Mexico, Thailand, South Korea, Indonesia, Malaysia, Russia, Brazil, Argentina) thoroughly verified particular systems. As a result of this, some countries abandoned their previous methods of exchange rate determination and started looking for alternative solutions. This process was additionally strengthened by the introduction of the common European currency and a progressive increase in international trade and financial market relations. The Author of the paper brings forth the issue of dollarization. The particular attention is paid to the impact of a new exchange system on a development of economic situation in Ecuador. In the first part, the Author presents a definition of dollarization, its position on the background of exchange rate systems, classification, principles of functioning, as well as advantages and costs. The second part focuses on the assessment of effectiveness of dollarization in Ecuador. The analysis concerns the adjustment process and main macroeconomic indicators. However, relatively short time that passed since replacement of the national currency by dollar is not sufficient for assessment whether this decision was right, nevertheless, it allows to observe how the exchange rate system serves Ecuadorian economy. The drawn conclusions answer the question whether dollarization of economy may be successful without fulfilling preliminary conditions, particularly sound public finance, efficiently functioning banking system and adequate level of foreign exchange reserves.